ICON (ICX) Staking
How to Stake ICX in Atomic Wallet
The process of ICX staking with the Atomic Wallet is straightforward. Check our step-by-step guide on how to stake ICX.
But before diving in, you need to download and install the wallet. Then, follow these steps:
Step 1. Open Atomic Wallet.
Step 2. Get ICX. You can buy ICX with a credit card or exchange it from another cryptocurrency within the wallet.
Step 3. Click on ICX from the coin list or find it on the staking tab.
Step 4. Click Stake.
Step 5. You will see the screen with the staking interface: your available balance, staked and unbonding ICX, and rewards. To proceed, click Stake.
Step 6. Now, you can choose a validator by clicking on the name on the list and seeing your yearly earnings. Check all the info and click Stake.
Step 7. Success! Your ICX is now staked. Now, you just need to wait — the reward is automatically generated with every block. Click Claim to withdraw it to your address from time to time.
After you delegate ICX to the validator and before claiming rewards, you will have votes that you can give to any validator to increase their role in the network. Click on Revote for it.
How to Unstake ICX
First of all, you can’t unstake your ICX immediately. From the moment you delegate your funds to the validator, they are getting locked for approximately 8 days. After that, you can unstake ICX, claiming your rewards, or restake it. Doing this, you’ll have to repeat the staking process, then the voting to add new ICX to your previous amount.
About ICON (ICX)
Founded in 2017 by the Icon Foundation, Icon (ICX) is now considered to be one of the most significant South Korean blockchain-based ecosystems like EOS (EOS), Tron (TRX), or Ethereum (ETH). It is a decentralized network designed to make various blockchains work together, connecting them all in the ICON ecosystem or ‘ICON Republic’. The mechanism works due to the presence of the ICON community members in different blockchains. They can pick the representative, so-called C-Rep, a node that interacts with the ICON network by demand from other users. For instance, the C-Rep can make a crypto exchange on the ICON’s decentralized platform and receive a reward. It will proceed in ICX, ICON’s native tokens.
The project’s idea is to “hyperconnect the world”, put another way, ICON is created to unite various economic sectors to make them leverage a joint value proposition (national currency) still remaining independently. Computer applications (nodes) can build their currencies and economies using the Icon software as infrastructure when the Icon Republic would play the primary role representing the Icon blockchain’s operation and governing the process of ICX minting with each block.
How Does ICON (ICX) Work?
ICON blockchain operates on a delegated proof-of-stake (DPoS) consensus algorithm that defines which nodes are allowed to add new blocks to the network. Like Tron or Eos, the algorithm’s concept is that the blockchain can reach the consensus much quicker through DPoS than mining or competition. Five elements connect the ICON’s blockchain, which includes:
- Icon Republic – the ecosystem’s governing structure and the decision committee for the operations on the blockchain. It consists of nodes from the Icon communities.
- Icon Communities – a nodes’ network put in one governance system. The communities can use their own set of rules and consensus algorithms.
- Community Representative (C-Rep) – nodes elected from each community to communicate with the Icon Republic. They get ICX for the work.
- Community Nodes (C-Nodes) – plays the role of infrastructure for every community based on it, governs, and maintains the community’s blockchain’s stability.
- Citizen Nodes – can’t vote but can make transactions within the community, with other communities, and with the Icon Republic.